Nigerian lawmakers investigating a claim that the state oil company has failed to remit $20 billion in oil revenues ordered a forensic audit of fuel-subsidy payments on Thursday to find out where the money has gone. Central BankGovernor...

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DUBLIN--( BUSINESS WIRE )-- Research and Markets ( http://www.researchandmarkets.com/research/2lmqlx/nigeria_oil_gas ) has announced the addition of the "Nigeria Oil Gas Trends, Market Opportunities and Outlook to 2025" report to their offering. Nigeria oil and gas sector is constantly undergoing active transformation from the past few years. The country is expected to witness...

IJE ODODO, Nigeria – Thieves who wanted to steal gasoline from a pipeline running near Nigeria's megacity of Lagos have sparked a massive fire. The fire began Monday in Ije Ododo, in a swampy mangrove forest in the western fringe of the sprawling city of Lagos. On...

Nigeria will earn less for its oil and struggle to replace reserves unless it can end years of industry stagnation, at a time its biggest customer is becoming self-sufficient and African rivals are boosting supplies. A domestic energy boom in the United States has already sharply cut demand for Nigerian oil, while legal uncertainty, political wrangling, corruption and...

DUBLIN--( BUSINESS WIRE )-- Research and Markets ( http://www.researchandmarkets.com/research/nb6p2w/nigeria_oil_gas ) has announced the addition of the "Nigeria Oil Gas Market Intelligence Report (Q2 2014)" report to their offering. Nigeria oil and gas report is an initial guide, providing information on fields, blocks, storage, LNG, refinery and pipelines in Nigeria. Amidst...

Nigeria's troubles are once again in the news. Oil theft (ongoing) and flooding (temporary) have driven the country's oil and gas production down over 20%. As Africa's largest producer and OPEC's 2nd largest oil exporter, Nigeria has strategic importance. It is one of the few countries not in the Middle East which has a large and readily available source of oil. Royal Dutch...

Since the 1973 oil embargo imposed on United States by Arab oil producing nations, United States has not relented in pursuit of strategies to make America energy secured and sufficient. The energy security was paramount to United States because of its dependency on foreign oil especially in the troubled Middle East. American modern industrial complex is run on oil and she...

Kidnappers have boarded a ship off the Nigerian coast and abducted one Estonian and six Russian crew members, France's Bourbon company said Wednesday. Nine crew members remain aboard the ship, which is heading for the Nigerian oil port of Onne. Kidnappers have boarded a ship off Nigeria and abducted seven crew members, including six Russians and one Estonian, in the latest such...

The rise of public administration and the discovery of petroleum and natural gas are two major events seen to have led to a litany of ignoble corrupt practices in the country. Over the years, the country has seen its wealth withered with little to show in living conditions of the average human being. A Nigerian political leader, Obafemi Awolowo raised a salient issue when he said, since independence, our governments have been a matter of few holding the cow for the strongest and most cunning to milk, Under those circumstances everybody runs over everybody to make good at the expense of others.

The pervasive corruption has been blamed on colonialism. According to this view, the nation's colonial history may have restricted any early influence in an ethical revolution. Throughout the colonial period, most Nigerians were stuck in ignorance and poverty. The trappings of flash cars, houses and success of the colonists may influence the poor to see the colonist as symbols of success and to emulate the colonists in different political ways.

NNPC's unremitted funds: $20bn remains unexplained -- CBN

The issue of the alleged NNPC unremitted funds continues to generate a lot of concern and shock in Nigeria, brought to the public attention courtesy of a leaked letter from the CBN Governor to the President; and the basis of this continuing investigation at the reconvened session of the Senate committee on Finance, investigating the matters arising from this revelation.
Originator of this letter, CBN Governor Sanusi Lamido at an open hearing session, attended by the various related agencies like the Federal Inland Revenue Service (FIRS), National Extractive Industries Transparency Initiative (NEiTI), Petroleum Products Pricing Regulatory Agency (PPPRA), Ministry of Finance (MoF) and the Nigerian National Petroleum Corporation (NNPC), spoke on the issue of accountability expected from the State Oil company with relation to proceeds from crude oil sales and the fact that despite the reconciliations, $20bl is still missing from the federation account.

duration:12:23

published:05 Feb 2014

updated:05 Feb 2014

views:436

Missing Or Not? Analysts Argue On NNPC $49.8 Billion Scandal Pt.1

In a letter to the President of Nigeria, the Central Bank Governor, Lamido Sanusi alleged that the NNPC failed to remit a total of 49.8 billion dollars into ...

Nigeria Must Adjust to 'permanent' Oil Price Shock-Finance Minister

in an interviewon Thursday in which she also cut the outlook for economic growth next year, Finance Minister Ngozi Okonja-Iweala said that Nigeria will have to adjust to oil prices heading lower for some time to come. Africa's largest economy relies on oil exports for 70 percent of government revenues and has been hit hard as crude prices have fallen to four-year lows below $80 a barrel after trading above $115 as recently as June. Asked if she thought the 30 percent drop in crude prices since June might prove temporary, Ngozi Okonja-Iweala said Nigeria needed to adjust to lower levels for good, saying, "The IMF, the analysts feel that the trajectory is going down, and that it is a permanent shock, and we have to adjust to the possibility that it is a permanent shock."
http://feeds.reuters.com/~r/news/economy/~3/e1aDcNxn8j0/story01.htm
http://www.wochit.com

duration:0:57

published:20 Nov 2014

updated:20 Nov 2014

views:3

Oil Smuggling in Basra - Iraq

March 2007 Billions of dollars of Iraqi revenue is lost every year through oil smuggling across the country's porous borders. There are fears this money is b...

Burton High Fives - Competitions Start Tomorrow

Press Release: TUNE IN: Watch the Second Annual Burton High Fives snowboarding competition LIVE on on September 12 and 13 WHAT: The second annual Burton 'High Fives' presented by MINI snowboarding competition, is now underway at Cardrona Alpine Resort in Wanaka, New Zealand. A live webcast of the slopestyle and halfpipe competitions will be on with the slopestyle coverage... more